Commerce depends on a vast number of financial transactions that distribute funds among participants such as merchants, customers, companies, and other entities. Traditional methods of conducting financial transactions commonly consisted of an exchange of currency, which may include paper currency, checks, credit cards, and electronic transfers. With each type of currency, a number of processes are typically necessary to fulfill a transaction. The processes may include a payment fulfillment process, paperwork, and processes performed by a banking institution, among other possible processes.
Typically, transaction accounts, such as bank accounts, are associated with a single entity, such as an individual, married couple, or business. Initializing transaction accounts and permissions often involve cumbersome processes that require time and paperwork, therefore making changes to accounts difficult and undesirable.
In more recent years, financial transactions have moved online onto the Internet, a worldwide system of computer networks. It is commonplace for entities to transfer payments across the Internet to complete a transaction. Often, such a transaction involves security risks such as receipt of payment by an unintended recipient and/or transmission by someone other than an account owner. In addition to the Internet, other electronic forms of communication enable payment transmission, such as mobile telephony including wired and wireless communications.